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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 30, 2025

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to_

Commission file number 1-183

thehersheycompanylogojulya12.jpg

THE HERSHEY COMPANY

(Exact name of registrant as specified in its charter)

Delaware23-0691590
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

19 East Chocolate Avenue, Hershey, PA 17033

(Address of principal executive offices and Zip Code)

(717) 534-4200

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, one dollar par valueHSYNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filerxAccelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Common Stock, one dollar par value—147,990,276 shares, as of April 25, 2025.

Class B Common Stock, one dollar par value—54,613,514 shares, as of April 25, 2025.

THE HERSHEY COMPANY

Quarterly Report on Form 10-Q

For the Period Ended March 30, 2025

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION2
Item 1. Financial Statements2
Consolidated Statements of Income for the Three Months Ended March 30, 2025 and March 31, 20242
Consolidated Statements of Comprehensive Income for the Three Months Ended March 30, 2025 and March 31, 20243
Consolidated Balance Sheets as of March 30, 2025 and December 31, 20244
Consolidated Statements of Cash Flows for the Three Months Ended March 30, 2025 and March 31, 20245
Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 30, 2025 and March 31, 20246
Notes to Unaudited Consolidated Financial Statements7
Note 1 - Summary of Significant Accounting Policies7
Note 2 - Business Acquisitions8
Note 3 - Goodwill and Intangible Assets9
Note 4 - Short and Long-Term Debt9
Note 5 - Derivative Instruments11
Note 6 - Fair Value Measurements13
Note 7 - Leases14
Note 8 - Investments in Unconsolidated Affiliates16
Note 9 - Business Realignment Activities16
Note 10 - Income Taxes18
Note 11 - Pension and Other Post-Retirement Benefit Plans18
Note 12 - Stock Compensation Plans19
Note 13 - Segment Information21
Note 14 - Treasury Stock Activity24
Note 15 - Contingencies24
Note 16 - Earnings Per Share25
Note 17 - Other (Income) Expense, Net26
Note 18 - Supplemental Balance Sheet Information27
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations29
Item 3. Quantitative and Qualitative Disclosures About Market Risk39
Item 4. Controls and Procedures41
PART II. OTHER INFORMATION42
Item 1. Legal Proceedings42
Item 1A. Risk Factors42
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds42
Item 3. Defaults Upon Senior Securities42
Item 4. Mine Safety Disclosures42
Item 5. Other Information42
Item 6. Exhibits44
Signatures45
Table of ContentsThe Hershey Company | Q1 2025 Form 10-Q | Page 1Kiss_Logo.jpg

PART I — FINANCIAL INFORMATION

Next: Item 1. Financial Statements.